Canadian cannabis extractor Ayurcann Holdings Corp. (CSE: AYUR) (OTCQB: AYURF) reported a meaningful surge in annual revenue and expanded product availability, according to its latest financial statements.
For the fiscal year that concluded on June 30, Ayurcann doubled its gross revenue to $22.37 million, up from $11.08 million the previous year. That result showcased a 101% increase despite widespread price drops in the retail cannabis market.
While the company observed a slight decrease in cash reserves from $1.35 million to just under $972,000, it broadened its consumer reach by growing its product line to 60 SKUs.
CEO Igal Sudman attributed the revenue growth to the company’s strategic shift from wholesale to a direct-to-consumer sales model, allowing deeper penetration into the dispensary ecosystem.
“We are excited to see consistent growth in our revenues across the country, despite the retail price compression affecting the industry,” Sudman said in a statement Monday.
Sudman also noted the company’s continued expansion, pointing out its significant presence in dispensary listings across:
- New Brunswick
- British Columbia
“The growth trajectory for our in-house brands should have a tremendous and positive impact on the future development of Ayurcann,” he added.
The company also said secured top rankings in the sales of vape and pre-rolled cannabis products across several Canadian regions.
In its operational highlights, Ayurcann reported a presence in 8,500 product listings in dispensaries nationwide.
Looking ahead, Sudman foresees further growth in market share and revenue as the company tries to solidify its position.